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Shares initially got the wobbles when investors were told the number of home loans declined for the first time in eight months while the share of all loans coming from first-home buyers fell to its lowest level in nine years.

Not long after there was more selling when the latest inflation numbers from China were much higher than expected and investors were quick to rule out any more rate cuts in the world’s second-largest economy.

The sell-off helped push our market down 0.2 per cent since October 1.

US futures were tipping hefty declines for US stocks on Monday as both Democrats and Republicans again failed to make headway in dissolving the fiscal and debt ceiling stand-off. So maybe there will be some catch-up.

And there is always the chance the US labour market, along with the release of other delayed data, could surprise on the upside, which means shares could move much higher.

Despite the lack of economic data there is the US earnings reporting season for the three months to September 30 that will start to crank up this week.

At the moment consensus expectations are for 2 per cent earnings growth year on year but after allowing for a bit of the usual under-promise and over-deliver, it’s likely it could come in about 4 per cent to 5 per cent.

That too could move markets in the coming weeks.

Once upon a time, the formula for the typical equity fund manager was easy: “Have a hunch, buy a bunch and go to lunch."

But now things are a lot more scientific. Computers can run quantitative models and statistical filters and everyone believes in the efficient market theory, which says there are no free lunches to be had in the sharemarket.

The really great traders are the ones that can incorporate new information into their pre-existing decisions. When they get that new information they put it to work within their existing plan of action.

What’s surprising is how well they have adjusted when there is no information.